REG - DFS Furniture PLC - Post 2023 AGM Shareholder Engagement - Update

DFS FurnitureAnnouncement

09/04/2024 07:00

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RNS Number : 7289J  DFS Furniture PLC  09 April 2024

9 April 2024

 

 

DFS Furniture PLC

 

Post 2023 AGM Shareholder Engagement - Update Statement

In accordance with Provision 4 of the UK Corporate Governance Code (the
"Code"), the Company provides this update on engagement with shareholders
following the Annual General Meeting held on 10 November 2023 (the "AGM").

At the Annual General Meeting held on 10 November 2023 ("AGM"), resolution 3
approval the Directors' Remuneration Report was supported by a clear majority
of shareholders with 70.50% of votes cast in favour and 29.50% of votes cast
against, resulting in less than 80% support overall.

In advance of the meeting, the Chair of Remuneration Committee ("Committee")
and other members of the Board, communicated with holders of 80% of our shares
and offered them an opportunity to engage ahead of the AGM.

The Committee acknowledges that whilst the majority of shareholders were
supportive of the Directors' Remuneration Report, a small number of
shareholders were not supportive of the resolution due to the increase in the
CEO's base salary by an amount greater than the workforce average increase.
While the Committee is aware of and recognises sensitivities around salary
increases, we believe the adjustment was in the interests of DFS and its
shareholders and was necessary to motivate and retain the CEO, who is critical
to delivering DFS' transformational agenda.

The Committee would like to thank all of our shareholders who engaged in the
consultation in 2023 and gave us valuable feedback. Following the AGM, the
Committee and has commenced a review of its remuneration strategy in
preparation for bringing a Remuneration Policy to shareholders in November.
The Committee Chair has written to all shareholders to seek feedback on its
proposed approach to executive remuneration and we look forward to an ongoing
dialogue with shareholders and proxy advisers on these matters.

 

Enquiries: DFS Furniture PLC Liz McDonald (Group Company Secretary)

 

About DFS Furniture plc

The Group is the clear market-leading retailer of living room furniture in the
United Kingdom. Our Group purpose is to bring great design and comfort into
every living room, in an affordable, responsible, and sustainable manner. We
operate an integrated physical and digital retail network of living room
furniture showrooms and web sites in the United Kingdom and the Republic of
Ireland, trading through our leading brands, DFS and Sofology. We attract
customers through our targeted and national marketing activities and our
reputation for high quality products and service, breadth of product offer and
favourable consumer financing options. We fulfil orders for our exclusive
product ranges through our own UK finished goods factories, and through
manufacturing partners located in the UK, Europe, and Far East, and delivered
with care through our expert final-mile delivery service "The Sofa Delivery
Company Limited".

 

 

 

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